S&P 500: S&P 500 is heading down to retest the 4,337 support level as the index is overdue for a pullback

 


The S&P 500 ended its winning streak of five straight weeks after the Fed's Powell told the U.S. Congress on Wednesday that more rate hikes are likely ahead to get inflation down to 2%. The index could move down further to test the 4,300 and 4,279 support levels next week, awaiting the Friday release of May core PCE, closely watched by the Fed. According to the CME FedWatch Tool, the possibility of a 25-basis point hike at the July FOMC meeting is 71.9%.

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